Buhari Secures Swiss Govt Pledge To Repatriate Looted Monies | Independent Newspapers Limited
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Buhari Secures Swiss Govt Pledge To Repatriate Looted Monies

economy, Buhari
Posted: Sep 22, 2016 at 11:00 am   /   by   /   comments (0)



Innocent Oweh


President Muhammadu Buhari has gotten assurance from President Johann Schneider-Ammann of Switzerland to repatriate most of the funds laundered in Swiss banks.

Buhari said those monies, if returned back to Nigeria, would be handy in helping government provide needed infrastructure for the citizenry.

Rough estimates indicate that around $148 billion got laundered collectively from the African continent annually.

These activities were mostly perpetrated by political leaders, multinational corporations, the business elite and civil servants with connivance of some financial institutions and real estate industries in Europe and North America.

One of the high profile frauds was the one involving the late Gen. Sani Abacha who, according to official sources, allegedly stashed about $4 billion and between $12 and $16 billion, according to unofficial sources.

When he died in 1998, it was reported that investigators in Nigeria, Europe and America stumbled on over 130 bank accounts in Australia, New Zealand, London, New York, France, Switzerland, among other countries, where some of the money stolen was kept.

Buhari, who is currently attending the 71st United Nations General Assembly in New York, United States of America, was able to woo the Swiss government to return the monies after both countries agreed on projects that the funds would be deployed to.

In a statement sent in by Buhari’s media aide, Femi Adesina, to State House correspondents, President Schneider-Ammann was said to have told the Nigerian president that as soon as the draft agreement was signed, the process of returning the monies would be effected.

The Swiss government also pledged to consolidate the mutual trade relationships, infrastructural development as well as support in training and equipping of the Nigerian military.